⚖️ SBF Takes the Stand
In today’s edition: 💲JPMorgan processes $1B in JP Coin transactions, ⬆️ Crypto stocks on the rise, and more!
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📚 The Cryptopians - Out in Paperback!
Find out the inside story of the rise of Ethereum in Laura’s book, “The Cryptopians.”
In a recent report, Alex Thorn, head of research at Galaxy, predicted that inflows to spot bitcoin ETFs would rise above $14 billion in the first year following the potential approval by the Securities and Exchange Commission of multiple applications the agency is considering. Thorn called the availability of this product significant because it will give financial advisors and wealth managers accessibility to digital assets in a way that will be acceptable to clients seeking exposure to crypto. He also believes approval of a spot BTC ETF could occur this year before the holidays, and draws comparisons between bitcoin and gold as investment products.
Sam Bankman Fried’s Trial 👨⚖️
In a courtroom drama minus the jury, Sam Bankman-Fried (SBF) took the stand for what can be best described as a “test run.” The hearing aimed to help the judge decide what evidence will be admissible in the actual trial. SBF’s performance under Assistant U.S. Attorney Danielle Sassoon’s questioning was less than stellar. His verbose answers and frequent apologies contrasted sharply with Sassoon’s pointed questions, at times making him appear evasive. The hearing also touched on SBF’s use of encrypted messaging app Signal and his company’s data retention policy.
In First Testimony, Sam Bankman-Fried Is Apologetic, Forgetful, and Evasive
The former FTX founder took the witness stand without any jurors, so the judge could rule what evidence is admissible in front of the jury.
What’s Poppin’?
by Sam Sriram, Brandy Betz, and James Rubin
JPMorgan Handles $1B of JP Coin Transactions
The banking giant plans to extend use of the blockchain-based settlement token to retail investors in the future.
Crypto Stocks Rallying After Bitcoin Surges
MicroStrategy and bitcoin miners have been the largest gainers this week.
Ethereum Devs Not Ready to Fork Mainnet in 2023
Ethereum client developers said they were not comfortable with a full client fork citing consensus issues on devnets that had not gone well.
Has the Bitcoin Bull Market Officially Started?
Analysts from Matrixport suggest that the fifth Bitcoin bull run began on June 22, with expectations of institutional adoption being the primary driver.
Daily Bits…✍️✍️✍️
🛑 Billionaire Ken Griffin's trading firm, Citadel Securities, denied a Terraform Labs claim that it was responsible for the implosion of the algorithmic stablecoin terraUSD (UST) in May last year.
🧊After soaring nearly 20% over the past week, Bitcoin (BTC) cooled off, falling about 2% from Wednesday, same time, to just above $34,000 as investors took profits; ether and other major cryptos also slipped.
🧑⚖️ A U.S. District Court judge has ordered Ryder Ripps and Jeremy Cahen to pay Yuga Labs nearly $1.6 million in damages, plus legal fees, ending a long-running lawsuit.
💵 Two U.S. lawmakers on Thursday urged the Department of Justice to push forward with a probe into whether crypto giants Binance and Tether have helped facilitate funding to Hamas.
🏋️ Bitcoin dominance reached 51.5%, its highest level since April 2021, according to The Block's data dashboard.
Today in Crypto Adoption...
💳 Mastercard partnered with MoonPay to integrate Web3 technologies and enhance consumer loyalty.
🤝 Circle collaborated with Taiwan's BitoGroup and FamilyMart to offer a "points-to-crypto" service, enabling the conversion of FamilyMart loyalty points into cryptocurrencies like USDC.
The $$$ Corner…
🎮 Crypto video game Shrapnel secured $20 million in funding.
🩺 Web3 healthcare platform Rymedi closed $9 million in a Series A funding.
🌐 Nocturne Labs, aiming to bring private accounts to the Ethereum ecosystem, garnered $6 million in seed funding led by Vitalik Buterin, Bain Capital Crypto and Polychain Capital, among others. (Learn more about Nocturne here).
💰 Hong Kong-based Anboto Labs raised $3 million in funding and launched an institutional-grade non-custodial trading platform.
What Do You Meme?
Recommended Reads
The Periphery by Arthur Hayes
📈 Your Market Update 📉
BTC is down 1%, trading at $34,114
ETH is down 2.9%, trading at $1,788
BTC dominance: 51.2%
Crypto market cap: $1.3T
*All data as of today, 06:30 pm ET
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